By Adeola Akinbobola
The Nigerian Insurers Association (NIA) has outlined a comprehensive strategy aimed at increasing insurance penetration in Nigeria.
The Chairman of NIA, Mrs Ebelechukwu Nwachukwu, said this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.
She said that the strategy would run in the next five years through an initiative known as the Awareness, Capacity Building and Enforcement (ACE) agenda.
Nwachukwu said the agenda was focused on moving the insurance industry from potential to performance by prioritising ACE.
She said under the awareness pillar, NIA planned to roll out nationwide education campaigns to improve public understanding of insurance.
She explained that these initiative would target people from different stages of life, including school children, while expanding distribution channels to Nigeria’s diverse demographics.
According to her, the second pillar focuses on capacity building, with the industry seeking to strengthen leadership, underwriting expertise and institutional capabilities.
She said the capital being raised under the ongoing recapitalisation programme would be deployed to improve insurers’ ability to underwrite larger risks and deepen market penetration.
On enforcement, Nwachukwu said NIA intended to work closely with state governments to ensure compliance with compulsory insurance policies, including those covering buildings under construction and public liability.
She said stronger enforcement would provide greater financial protection for citizens while increasing participation in the insurance market.
Following Lagos state’s recent enforcement initiative, she urged other states to establish similar platforms to improve compliance nationwide.
She also said that prompt claims settlement would remain a key priority.
Nwachukwu said that stronger, better-capitalised insurance companies and efficient compensation for policyholders would help build public confidence and encourage wider adoption of insurance.
Addressing the role of technology, she highlighted ongoing digital transformation efforts across the industry.
The NIA boss said the association established an innovation hub to encourage technology-driven solutions.
According to her, NIA is developing platforms for electronic Know Your Customer (e-KYC) processes and a centralise claims repository to combat insurance fraud.
She said member companies were increasingly using AI for property surveys, inspections, claims verification and customer service.
She further said that digital platforms would enable customers to purchase insurance policies, verify compulsory insurance certificates and submit claims online.
Nwachukwu said that continued investment in digital technology, data analytics and artificial intelligence were essential to reducing fraud and delivering faster, more convenient insurance services across Nigeria.(NAN) (www.nannews.ng)
Edited by Kadiri Abdulrahman